The
global equine healthcare market was valued at USD 26.6 billion in
2012 and is expected to decline at a CAGR of -1.2% from 2013 to 2019,
to reach an estimated value of USD 24.5 billion in 2019.
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The
equestrian industry results in a substantially high economic impact
as a result of one of the industry's primary activity - horse racing
and betting; horse racing and betting comprises ~20% share of the
global betting/gambling market. The equestrian industry thus
generates a multiplier effect resulting into turnover of over ~USD
500 billion per year. Due to the 'trickle-down effect' of flow of the
economic impact of the overall equestrian industry, multiple support
or secondary markets exist and sustain; the equine healthcare market
is among such support or secondary markets. As the base of existence
of the equestrian industry is the population/number of horses
worldwide, any change in the equine population impacts the equestrian
industry and the support or secondary markets such as the equine
healthcare market. Many experts and corroborating statistical data
reveals that the global equine population is expected to decline over
the years till 2019; consequentially, the equine healthcare market
too is expected to decline by 1.2% over six years, from 2013 to 2019,
to reach an estimated value of USD 24,527.8 million in 2019.
Equine
healthcare market comprises of various 'product market segments' in
context of various products used for treatment of equine-specific
healthcare conditions, diagnosis of equine-specific healthcare
conditions and also supplements and protection products used for
upkeep and maintenance of a horse.Thus the three prime segments of
the equine healthcare market are equine diagnostic products, equine
therapeutic products and equine supplement products.
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In
context of equine (pregnancy and gestation) diagnostic products,
there are two key categories of products used namely UltraSound
devices and equine urine test kits. Of the two categories, equine
urine test kits are affordable and easy-to-use and interpret the
results and also help overcome a prime limitation of UltraSound
devices i.e. the kits are non-invasive in nature. Thus, we expect
equine urine test kits to be increasingly preferred by the
veterinarians and the end-users, going forward. Also, the equine
urine test kit is a unique product to the equine species and cannot
be substituted by the urine test kits for humans. Therefore, we
estimate the urine test kits market to be a niche opportunity that is
likely to be encashed by newer entrants thus expanding the market and
driving growth of the equine diagnostic products market.
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In
terms of geographical markets of the equine healthcare market, the
Asia-Pacific region is touted to be the 'next growth story'. A
constituent of Asia-Pacific namely the Australian market is among the
leading 'horse producing/breeding' countries. Additionally, China is
expanding capacity and investing in horse racing and betting by
importing quality breeds from other countries. China is thus intent
on maintaining particularly race-horse breeds. As race-horses require
additional and specific supplement and protection products,
therapeutic and also diagnostic products, sales of all these products
is thus expected to be high in the Asia-Pacific market. Therefore the
afore-mentioned factors are likely to drive growth of the
Asia-Pacific market.
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Theglobal
equine healthcaremarket is segmented as follows:
Equine
Diagnostic Products Market, by Type
- Equine Pregnancy and Gestation Diagnostic Products Market
- Equine Genotype Analysis Products Market
Equine
Therapeutics Product Market, by Type
- Equine Vaccines Market
- Equine Antibacterials Market
- Equine Antivirals Market
- Equine Antiprotozoals/Dewormers Market
- Equine Dopamine Agonists Market
- Equine Anti-inflammatory Drugs Market
- Equine Laxatives Market
Equine
Supplement Products Market, by Type
- Equine Performance Supplement Market
- Equine Protection Products Market
- Equine Prosthetics Market
Equine
HealthcareMarket, by Geography
- North America
- Europe
- Asia-Pacific
- Rest of World (RoW)
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